Gresham - "Group 150" - March 2011
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Transcript of Gresham - "Group 150" - March 2011
MARCH 2011
1
ASX RESOURCES - GROUP 150We are pleased to present the March edition of ‘Group 150’, a ranking of the top 150 ASX listed resources companies (excluding oil and gas), by market capitalisation.
February recorded the Group 150 recapture of the decline in cumulative market value witnessed in January, up 2.8% to 605.4 billion. The entry point into the Group 150 was extended in February to $138.1 million from $127.7 million for January. The ASX/S&P 200 Resources Index increased 3.4% for the month, significantly outperforming both the ASX All Ordinaries and ASX/S&P 200 Index which increased 1.5% and 1.6% respectively.
Four M&A transactions were announced during the month with base metals being the current focus, supported by Independence’s offer for Jabiru and Equinox’s offer for Lundin Mining. Following the upbeat and positive predictions made at Indaba, we expect to see an increased level of activity in the coming months. A straw poll amongst some of the 5,000 delegates appeared to favour gold, iron ore and copper as the preferred commodities.
“Winners” for February (in terms of growth in market capitalisation) were : Cobar (+76.4%), Atlas Iron (+72.5%), South Boulder (+72.1%), Papillon (+61.1%) and Carabella (+48.9%).
In this edition, we provide the results of our study on the current gearing levels of the Group 150 companies.
Capital structuring and, in particular, locating the optimal capital structure, have for a long time been a focus for many an academic and financial institution that probe this area. In recent years, the role of financial management has undergone a significant change. The ownership structure, size of companies, equity / debt markets, financial systems and instruments have advanced significantly in a technology driven dynamic environment. As a result, the role of management has become far more important than merely a fund raiser.
Management is expected to maximize the economic welfare of the owners, represented by the market value of the firm and faces competition from interests seeking short term share price appreciation versus long term growth. To achieve this objective, one has to take a number of decisions, the most important being the investment, financing and dividend decisions.
Testing the thesis “cash is king and debt is bad” we observed 80% of the Group 150 were in a net cash position at 31 December 2010 and the weighted average gearing level was negative 2.6%, when measured on a net debt to enterprise value basis. Interestingly, companies with a domestic focus are in a stronger net cash position than peers with overseas focussed operations.
We look forward to seeing you at Mines and Money in Hong Kong at the end of the month.
Gresham Advisory Partners Limited
Gresham Group 150
March 2011
Edition 12
Darren MartinGresham Advisory [email protected]+61 8 9486 7077+61 412 144 719
Gresham Advisory Partners is a leading Australian mergers and acquisitions/corporate advisory business and one of Australia’s largest and highest ranking independent corporate advisors.
Top 150 asX LisTed resource companies - FebruaryBy Market Capitalisation
Group 150
2
Mkt Cap (A$m) % Mkt Cap (A$m) %
Feb Jan Company 28-Feb-11 31-Jan-11 Change Feb Jan Company 28-Feb-11 31-Jan-11 Change
1 1 BHP Billiton Ltd. (ASX:BHP) $255,624.8 $245,605.7 4.1% 51 52 OceanaGold Corporation (ASX:OGC) $694.5 $699.7 (0.7%)
2 2 Rio Tinto Ltd. (ASX:RIO) $166,594.7 $164,924.5 1.0% 52 48 Gujarat NRE Coking Coal Limited (ASX:GNM) $663.9 $748.4 (11.3%)
3 3 Newcrest Mining Ltd. (ASX:NCM) $29,023.0 $28,296.1 2.6% 53 56 ST Barbara Ltd. (ASX:SBM) $657.7 $605.6 8.6%
4 4 Fortescue Metals Group Ltd. (ASX:FMG) $20,670.1 $19,860.1 4.1% 54 59 Bathurst Resources Ltd (ASX:BTU) $640.9 $573.9 11.7%
5 5 Coal & Allied Industries Ltd. (ASX:CNA) $10,260.3 $11,087.2 (7.5%) 55 53 Northern Iron Limited (ASX:NFE) $638.6 $626.8 1.9%
6 6 Alumina Ltd. (ASX:AWC) $5,807.6 $5,807.6 0.0% 56 57 Bougainville Copper Ltd. (ASX:BOC) $633.7 $603.6 5.0%
7 8 Equinox Minerals Ltd. (ASX:EQN) $5,455.2 $5,185.4 5.2% 57 55 Resolute Mining Ltd. (ASX:RSG) $615.8 $611.1 0.8%
8 7 OZ Minerals Limited (ASX:OZL) $5,246.4 $5,278.8 (0.6%) 58 60 Murchison Metals Limited (ASX:MMX) $599.6 $560.1 7.1%
9 13 Iluka Resources Ltd. (ASX:ILU) $4,408.2 $3,537.4 24.6% 59 63 Discovery Metals Ltd. (ASX:DML) $546.4 $524.4 4.2%
10 9 New Hope Corp. Ltd. (ASX:NHC) $4,026.6 $4,068.1 (1.0%) 60 50 International Coal Holdings Limited (ASX:ICL) $542.5 $714.9 (24.1%)
11 12 Paladin Energy, Ltd. (ASX:PDN) $3,849.5 $3,547.0 8.5% 61 62 Ampella Mining Limited (ASX:AMX) $527.7 $532.7 (0.9%)
12 10 Riversdale Mining Ltd. (ASX:RIV) $3,668.8 $3,744.5 (2.0%) 62 61 Kagara Ltd (ASX:KZL) $527.3 $541.5 (2.6%)
13 11 MacArthur Coal Ltd. (ASX:MCC) $3,536.8 $3,737.5 (5.4%) 63 64 Cockatoo Coal Limited (ASX:COK) $518.2 $518.2 0.0%
14 14 Whitehaven Coal Limited (ASX:WHC) $3,342.3 $3,475.7 (3.8%) 64 70 Gryphon Minerals Ltd. (ASX:GRY) $515.4 $456.3 13.0%
15 15 Aquila Resources Ltd. (ASX:AQA) $3,256.5 $3,432.5 (5.1%) 65 65 Sphere Minerals Limited (ASX:SPH) $514.0 $514.0 0.0%
16 16 Lynas Corp. Ltd. (ASX:LYC) $3,241.9 $2,984.2 8.6% 66 72 Beadell Resources Ltd (ASX:BDR) $491.5 $444.8 10.5%
17 23 Atlas Iron Limited (ASX:AGO) $3,010.8 $1,745.2 72.5% 67 66 CuDeco Ltd. (ASX:CDU) $471.5 $504.9 (6.6%)
18 17 Aquarius Platinum Ltd. (ASX:AQP) $3,006.8 $2,575.6 16.7% 68 67 Panoramic Resources Ltd. (ASX:PAN) $470.0 $483.2 (2.7%)
19 18 PanAust Limited (ASX:PNA) $2,385.6 $2,396.5 (0.5%) 69 69 Metminco Limited. (ASX:MNC) $467.8 $467.8 0.0%
20 20 Extract Resources Ltd. (ASX:EXT) $2,250.4 $2,170.1 3.7% 70 74 Metals X Limited (ASX:MLX) $464.3 $430.2 7.9%
21 19 Mount Gibson Iron Ltd. (ASX:MGX) $2,176.0 $2,284.2 (4.7%) 71 82 Jabiru Metals Limited (ASX:JML) $459.2 $340.3 34.9%
22 21 Energy Resources of Australia Ltd. (ASX:ERA) $1,949.3 $1,915.0 1.8% 72 68 Arafura Resources Limited (ASX:ARU) $452.6 $476.5 (5.0%)
23 25 Aston Resources Limited (ASX:AZT) $1,820.3 $1,698.8 7.2% 73 110 South Boulder Mines Ltd. (ASX:STB) $436.4 $253.6 72.1%
24 24 Zimplats Holdings Ltd. (ASX:ZIM) $1,759.9 $1,722.2 2.2% 74 76 Aditya Birla Minerals Limited (ASX:ABY) $416.8 $388.6 7.3%
25 22 Gloucester Coal Ltd. (ASX:GCL) $1,613.7 $1,824.4 (11.5%) 75 73 Rex Minerals Limited. (ASX:RXM) $410.3 $441.9 (7.2%)
26 26 Ivanhoe Australia Limited (ASX:IVA) $1,364.0 $1,372.4 (0.6%) 76 86 Greenland Minerals and Energy Ltd (ASX:GGG) $407.5 $334.9 21.7%
27 27 Sundance Resources Ltd. (ASX:SDL) $1,342.6 $1,342.4 0.0% 77 71 Moly Mines Ltd. (ASX:MOL) $395.2 $453.7 (12.9%)
28 28 Medusa Mining Limited (ASX:MML) $1,325.2 $1,253.6 5.7% 78 77 Integra Mining Ltd. (ASX:IGR) $379.0 $386.6 (2.0%)
29 38 Kingsgate Consolidated Limited (ASX:KCN) $1,268.1 $952.3 33.2% 79 90 Aspire Mining Limited (ASX:AKM) $369.0 $312.7 18.0%
30 30 Perseus Mining Ltd. (ASX:PRU) $1,248.4 $1,205.1 3.6% 80 81 Flinders Mines Limited. (ASX:FMS) $364.1 $345.9 5.3%
31 31 Western Areas NL (ASX:WSA) $1,186.3 $1,161.0 2.2% 81 83 Saracen Mineral Holdings Limited (ASX:SAR) $359.2 $339.6 5.8%
32 42 Intrepid Mines Limited (ASX:IAU) $1,103.1 $895.3 23.2% 82 101 Mineral Deposits Ltd. (ASX:MDL) $357.9 $291.3 22.9%
33 34 Sandfire Resources (ASX:SFR) $1,079.7 $1,045.2 3.3% 83 85 Silver Lake Resources Limited (ASX:SLR) $357.8 $336.3 6.4%
34 35 Mantra Resources Limited (ASX:MRU) $1,056.9 $1,044.0 1.2% 84 78 Cape Lambert Resources Limited (ASX:CFE) $354.5 $369.4 (4.0%)
35 32 Mirabela Nickel Ltd. (ASX:MBN) $1,051.9 $1,106.0 (4.9%) 85 88 Kingsrose Mining Limited (ASX:KRM) $344.7 $332.7 3.6%
36 45 Giralia Resources NL (ASX:GIR) $1,050.7 $863.1 21.7% 86 79 Deep Yellow Ltd. (ASX:DYL) $343.9 $366.3 (6.1%)
37 29 Gindalbie Metals Ltd. (ASX:GBG) $1,047.4 $1,248.5 (16.1%) 87 75 Indophil Resources NL (ASX:IRN) $339.4 $391.3 (13.3%)
38 40 CGA Mining Limited (ASX:CGX) $1,039.8 $926.5 12.2% 88 80 Mincor Resources NL (ASX:MCR) $339.0 $352.0 (3.7%)
39 33 Minara Resources Ltd. (ASX:MRE) $982.3 $1,062.9 (7.6%) 89 100 Perilya Ltd. (ASX:PEM) $338.6 $291.4 16.2%
40 36 Independence Gold NL (ASX:IGO) $947.8 $995.0 (4.7%) 90 84 Marengo Mining Limited (ASX:MGO) $338.0 $338.0 0.0%
41 39 Coalspur Mines Limited (ASX:CPL) $941.9 $946.3 (0.5%) 91 93 Adamus Resources Ltd. (ASX:ADU) $331.4 $310.9 6.6%
42 37 White Energy Company Limited (ASX:WEC) $905.8 $977.9 (7.4%) 92 104 Ramelius Resources Ltd. (ASX:RMS) $330.3 $279.4 18.2%
43 44 Jupiter Mines Ltd. (ASX:JMS) $891.9 $888.2 0.4% 93 87 Nucoal Resources NL (ASX:NCR) $325.4 $333.2 (2.3%)
44 47 Regis Resources Limited (ASX:RRL) $883.0 $833.5 5.9% 94 91 Conquest Mining Limited (ASX:CQT) $321.9 $312.0 3.2%
45 41 Grange Resources Limited (ASX:GRR) $852.5 $910.1 (6.3%) 95 95 Troy Resources NL (ASX:TRY) $319.4 $303.6 5.2%
46 46 Summit Resources Ltd. (ASX:SMM) $808.7 $839.2 (3.6%) 96 108 Alkane Resources Limited (ASX:ALK) $313.4 $260.2 20.4%
47 51 Brockman Resources Limited (ASX:BRM) $796.4 $700.8 13.6% 97 96 Galaxy Resources (ASX:GXY) $310.6 $303.0 2.5%
48 49 OM Holdings Limited (ASX:OMH) $761.6 $739.1 3.0% 98 107 Tiger Resources Ltd. (ASX:TGS) $304.7 $262.8 15.9%
49 54 Bandanna Energy Limited (ASX:BND) $730.6 $613.8 19.0% 99 92 Orocobre Limited (ASX:ORE) $300.2 $311.0 (3.5%)
50 58 Allied Gold Ltd. (ASX:ALD) $698.3 $599.3 16.5% 100 89 Guildford Coal Limited (ASX:GUF) $292.6 $317.3 (7.8%)
Includes ASX Resource companies excluding oil and gas
MARCH 2011
3
new enTranTs - February eXiTs - February60 International Coal Holdings Limited (ASX:ICL)122 Blackgold International Holdings Limited (ASX:BGG)134 Papillon Resources Limited (ASX:PIR)140 Resource and Investment NL (ASX:RNI)144 Cerro Resources NL (ASX:CJO)147 Cobar Consolidated Resources Ltd (ASX:CCU)150 Centrex Metals Limited (ASX:CXM)
Based on market capitalisation as at 28 February vs 31 January 2011
Mkt Cap (A$m) % Mkt Cap (A$m) %
Feb Jan Company 28-Feb-11 31-Jan-11 Change Feb Jan Company 28-Feb-11 31-Jan-11 Change
101 99 Equatorial Resources Limited (ASX:EQX) $291.3 $299.0 (2.6%) 126 130 Atlantic Ltd (ASX:ATI) $193.0 $174.5 10.6%
102 97 BC Iron Limited (ASX:BCI) $288.0 $302.5 (4.8%) 127 127 Pluton Resources Limited (ASX:PLV) $186.9 $183.0 2.1%
103 125 Peninsula Energy Limited (ASX:PEN) $281.1 $194.3 44.7% 128 129 Bannerman Resources Limited (ASX:BMN) $184.0 $177.0 4.0%
104 105 Catalpa Resources Limited (ASX:CAH) $274.9 $276.8 (0.7%) 129 - Straits Resources Limited (ASX:SRQ) $180.3 - -
105 115 Gold One International Limited (ASX:GDO) $274.4 $234.1 17.2% 130 123 Kula Gold Limited (ASX:KGD) $174.6 $197.1 (11.4%)
106 122 African Energy Resources Limited (ASX:AFR) $269.2 $200.8 34.1% 131 149 Robust Resources Limited (ASX:ROL) $174.0 $129.4 34.5%
107 94 Berkeley Resources Ltd. (ASX:BKY) $258.6 $309.6 (16.5%) 132 140 Resource Generation Limited (ASX:RES) $173.2 $143.9 20.4%
108 112 Elemental Minerals Limited (ASX:ELM) $258.5 $250.0 3.4% 133 121 IMX Resources Ltd. (ASX:IXR) $172.0 $207.5 (17.1%)
109 103 Hunnu Coal Limited (ASX:HUN) $257.7 $285.3 (9.7%) 134 180 Papillon Resources Limited (ASX:PIR) $165.9 $103.0 61.1%
110 102 Platinum Australia Limited (ASX:PLA) $255.1 $290.4 (12.2%) 135 136 Astron Ltd. (ASX:ATR) $165.7 $155.9 6.3%
111 106 Iron Ore Holdings Limited (ASX:IOH) $250.0 $271.0 (7.7%) 136 138 Kentor Gold Limited (ASX:KGL) $164.5 $153.9 6.9%
112 116 Tanami Gold NL (ASX:TAM) $247.9 $227.0 9.2% 137 134 African Iron Limited (ASX:AKI) $163.2 $158.2 3.2%
113 118 Noble Mineral Resources Ltd. (ASX:NMG) $245.5 $218.8 12.2% 138 133 Nyota Minerals Limited (ASX:NYO) $160.1 $159.5 0.4%
114 109 Highlands Pacific Limited (ASX:HIG) $243.6 $253.8 (4.0%) 139 131 Azumah Resources Ltd (ASX:AZM) $158.2 $169.1 (6.4%)
115 111 Sylvania Resources Ltd. (ASX:SLV) $241.6 $252.1 (4.2%) 140 167 Resource and Investment NL (ASX:RNI) $153.0 $111.4 37.3%
116 117 Northern Energy Corporation Ltd (ASX:NEC) $239.5 $223.5 7.2% 141 132 Kangaroo Resources Limited (ASX:KRL) $151.1 $159.6 (5.3%)
117 114 Hillgrove Resources Ltd. (ASX:HGO) $234.1 $234.1 0.0% 142 143 Stanmore Coal Limited (ASX:SMR) $150.8 $161.4 (6.6%)
118 137 Carabella Resources Limited (ASX:CLR) $231.6 $155.5 48.9% 143 124 Australasian Resources Ltd (ASX:ARH) $150.4 $194.7 (22.8%)
119 119 Red 5 Ltd. (ASX:RED) $230.0 $217.2 5.9% 144 170 Cerro Resources NL (ASX:CJO) $147.7 $109.9 34.4%
120 128 FerrAus Ltd. (ASX:FRS) $224.2 $180.0 24.6% 145 135 Golden West Resources Limited (ASX:GWR) $146.0 $156.4 (6.6%)
121 113 Continental Coal Limited (ASX:CCC) $218.5 $242.4 (9.9%) 146 144 Sihayo Gold Limited (ASX:SIH) $144.6 $138.2 4.6%
122 - Blackgold International Hold. Ltd (ASX:BGG) $216.0 - - 147 206 Cobar Consolidated Resources Ltd (ASX:CCU) $142.5 $80.8 76.4%
123 139 Focus Minerals Limited (ASX:FML) $209.2 $151.9 37.7% 148 146 Toro Energy Ltd (ASX:TOE) $139.9 $135.1 3.6%
124 126 Exco Resources Ltd. (ASX:EXS) $201.0 $187.1 7.4% 149 141 Alliance Resources Ltd. (ASX:AGS) $139.9 $141.6 (1.2%)
125 120 WPG Resources Ltd (ASX:WPG) $194.4 $214.0 (9.2%) 150 153 Centrex Metals Limited (ASX:CXM) $138.1 $122.6 12.6%
Group 150 Leaders and LaGGers - markeT capiTaLisaTion perFormance - FebruaryLeaders
Laggers
Source: Capital IQ
* Included placement, acquisition and/or material option conversion during month
Avoca Resources Ltd. (ASX:AVO)Dominion Mining Limited (ASX:DOM)Ausgold Limited (ASX:AUC)Mungana Goldmines Ltd (ASX:MUX)Avanco Resources Limited (ASX:AVB)Chalice Gold Mines Ltd. (ASX:CHN)A-Cap Resources Ltd. (ASX:ACB)
Group 150
4
Group 150 secTor markeT capiTaLisaTion - February
merGer & acquisiTions - announced in February
Date Announced Target Acquirer Value
(A$m)
Percent Sought
(%)
Premium - 1 Day Prior
(%)
Premium - 1 Month Prior
(%)
Consideration Offered
28-Feb-2011 Lundin Mining Corp (TSX:LUN) Equinox Minerals Ltd. (ASX:EQN) 4,785.8 100 25.6 11.1 Elections
22-Feb-2011 White Canyon Uranium Ltd. (ASX:WCU) Denison Mines Corp. (TSX:DML) 49.7 100 20.0 71.4 Cash
7-Feb-2011 Aragon Resources Ltd. (ASX:AAG) Westgold Resources Limited (ASX:WGR) 63.2 80 35.4 27.5 Equity
20-Jan-2011 BC Iron Limited (ASX:BCI) Regent Pacific Group Ltd (SEHK:575) 258.7 80.13 4.1 27.9 Equity
Source: Capital IQ Announced Australian Resources (excluding oil and gas) Mergers and Acquisitions >A$10m
Group 150 markeT capiTaLisaTion
asX indeX perFormance - February
Mar
ket C
apit
alis
atio
n (A
$b)
MARCH 2011
5
NET DEBT
NET CASH
capiTaL sTucTure - GearinG LeveLs
Optimising Capital Structure to Improve Shareholder Value
Capital structuring and, in particular, locating the optimal capital structure, have for a long time been a focus for many an academic and financial institution that probe this area. Academically, the problem is appealing because it is fairly open ended and subject to controversies and criticisms.
In recent years, the role of financial management has undergone a significant change. The ownership structure, size of companies, equity / debt markets, financial systems and instruments have advanced significantly in a technology driven dynamic environment. As a result, the role of management has become far more important than merely a fund raiser.
Management is expected to maximize the economic welfare of the owners, represented by the market value of the firm and faces competition from interests seeking short term share price appreciation versus long term growth. To achieve this objective, one has to take a number of decisions, the most important being the investment, financing and dividend decisions.
Below is a summary of the gearing levels of the Group 150. As at 31 December 2010, 80% of companies were in a net cash position, with the weighted average gearing level being negative 2.6%. Interestingly, companies with a domestic focus are in a stronger net cash position than peers with overseas focussed operations.
Gearing (Net Debt /Enterprise Value)Group 150 Mining Companies – by Market Capitalisation
Net
Deb
t / E
nter
pris
e Va
lue
Source: Capital IQ Based on Net Debt at 31 December 2010
80% in net cash position
Group 150
6
capiTaL sTucTure - GearinG LeveLs
Net Debt /Enterprise ValueGroup 150 Mining Companies – by Market Capitalisation
NET CASH
NET DEBT
MARCH 2011
7
Share Price Performance - February 2011
Share Price Performance - Since 31 December 2010
Share Price Performance - Since 30 June 2010
base meTaLs - secTor perFormance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Copper Nickel Zinc
Group 150
8
Share Price Performance - February 2011
Share Price Performance - Since 31 December 2010
Share Price Performance - Since 30 June 2010
coaL - secTor perFormance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
MARCH 2011
9
Share Price Performance - February 2011
Share Price Performance - Since 31 December 2010
Share Price Performance - Since 30 June 2010
diversiFied - secTor perFormance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
indusTriaL mineraLs - secTor perFormance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Group 150
10
Share Price Performance - February 2011
Share Price Performance - Since 31 December 2010
Share Price Performance - Since 30 June 2010
GoLd - secTor perFormance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
MARCH 2011
11
Share Price Performance - February 2011
Share Price Performance - Since 31 December 2010
Share Price Performance - Since 30 June 2010
iron ore - secTor perFormance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Group 150
12
Share Price Performance - February 2011
Share Price Performance - Since 31 December 2010
Share Price Performance - Since 30 June 2010
uranium - secTor perFormance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
MARCH 2011
13
consensus commodiTy price ForecasTs - February
Source: Bloomberg Consensus Estimates - Median / High / Low
Gold (US$/oz) Silver (US$/OZ)
Copper (US$/lb) Nickel (US$/lb)
Zinc (US$/lb) Lead (US$/lb)
Tin (US$/lb) Uranium (US$/lb)
AUD:USD NYMEX (US$/bbl)
$1,411 $1,444 $1,331 $1,231 $1,169
$0
$500
$1,000
$1,500
$2,000
$2,500
Spot 2011 2012 2013 2014
$33.89$29.10
$22.00 $20.00 $18.63
$0$10$20$30$40$50$60
Spot 2011 2012 2013 2014
$4.48 $4.41 $4.54$3.87 $3.71
$0.00$1.00$2.00$3.00$4.00$5.00$6.00
Spot 2011 2012 2013 2014
$13.15$11.57 $11.00
$9.75 $10.29
$0.00
$4.00
$8.00
$12.00
$16.00
Spot 2011 2012 2013 2014
$1.14 $1.10 $1.09 $1.15 $1.09
$0.00
$0.50
$1.00
$1.50
Spot 2011 2012 2013 2014
$1.16 $1.17 $1.20 $1.12 $1.07
$0.00
$0.50
$1.00
$1.50
$2.00
Spot 2011 2012 2013 2014
$14.66$12.70 $12.70
$9.07
$0.00$2.50$5.00$7.50
$10.00$12.50$15.00$17.50
Spot 2011 2012 2013 2014
$65.00 $65.00 $63.25 $60.00 $53.00
$0
$25
$50
$75
$100
Spot 2011 2012 2013 2014
$1.02 $0.98 $0.95$0.85 $0.91
$0.00
$0.25
$0.50
$0.75
$1.00
$1.25
Spot 2011 2012 2013 2014
$97.41 $90.00 $95.50 $105.00 $100.88
$0
$50
$100
$150
$200
Spot 2011 2012 2013 2014
Group 150
14
Gresham Advisory Partners LimitedA.B.N. 97 003 344 269
Level 17, 167 Macquarie Street,
Sydney NSW 2000
Telephone: 61 2 9221 5133
Facsimile: 61 2 9221 6814
Level 10, 1 Collins Street,
Melbourne VIC 3000
Telephone: 61 3 9664 0300
Facsimile: 61 3 9650 7722
Level 3, 28 The Esplanade,
Perth WA 6000
Telephone: 61 8 9486 7077
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Website: www.gresham.com.au
Terms and ConditionsInformation contained in this publicationThe opinions, advice, recommendations and other information contained in this publication, whether express or implied, are published or made by Gresham Advisory Partners Limited (ABN 88 093 611 413), Australian financial services license (247113), and by its officers and employees (collectively “Gresham Advisory Partners”) in good faith in relation to the facts known to it at the time of preparation. Gresham Advisory Partners has prepared this publication without consideration of the investment objectives, financial situation or particular needs of any individual investor, and you should not rely on the publication for the purpose of making a financial decision. To whom this information is providedThis publication is only made available to persons who are wholesale clients within the meaning of section 761G of the Corporations Act 2001. This publication is supplied on the condition that it is not passed on to any person who is a retail client within the meaning of section 761G of the Corporations Act 2001.Disclaimer and limitation of liabilityTo the maximum extent permitted by law, Gresham Advisory Partners will not be liable in any way for any loss or damage suffered by you through use or reliance on this information. Gresham Advisory Partners’ liability for negligence, breach of contract or contravention of any law, which cannot be lawfully excluded, is limited, at Gresham Advisory Partners’ option and to the maximum extent permitted by law, to resupplying this information or any part of it to you, or to paying for the resupply of this information or any part of it to you.No warranties made as to contentGresham Advisory Partners makes no warranty, express or implied, concerning this publication. The publication provided by us on an “AS IS” basis at your sole risk. Gresham Advisory Partners expressly disclaims, to the maximum extent permitted by law, any implied warranty of merchant-ability or fitness for a particular purpose, including any warranty for the use or the results of the use of the publication with respect to its correctness, quality, accuracy, completeness, or reliability.CopyrightCopyright in this publication is owned by Gresham Advisory Partners. You may use the information in this publication for your own personal use, but you must not (without Gresham Advisory Partners’ consent) alter, reproduce or distribute any part of this publication, transmit it to any other person or incorporate the information into any other document.General mattersThese Terms and Conditions are governed by the law in force in the State of Victoria, and the parties irrevocably submit to the non-exclusive jurisdiction of the courts of Victoria and courts of appeal from them for determining any disputes concerning the Terms and Conditions.If the whole or any part of a provision of these Terms and Conditions are void, unenforceable or illegal in a jurisdiction it is severed for that jurisdiction. The remainder of the Terms and Conditions have full force and effect and the validity or enforceability of that provision in any other jurisdiction is not affected. This clause has no effect if the severance alters the basic nature of the Terms and Conditions or is contrary to public policy.If Gresham Advisory Partners do not act in relation to a breach by you of these Terms and Conditions, this does not waive Gresham Advisory Partners’ right to act with respect to subsequent or similar breaches.
Advised BHP Billiton on its
$204m offer for United Minerals
Corporation.
Advised BG Group on its $1bn takeover offer for
Pure Energy Resources Limited.
Advised IAMGOLD Corporation on its $265m acquisition
of Gallery Gold.
Advised Gem Diamonds on its
$300m acquisition of Kimberley Diamonds.
Advised Polaris Metals NL on
$178m takeover offer by Mineral
Resources Limited.
Advised Tethyan on its $220m
competing takeover offer by Crosby and Antogafasta/Barrick.
Advised Iluka on its $114m
institutional placement and
$353m accelerated right issue.
Advised Bannerman
Resources on its financing with
Resource Capital Funds.
Advised Iluka Resources on its
$54m Narama coal divestment to
Xstrata.
Advised Murchison Metals
on its joint venture with Mitsubishi.
2010
2010
Advised BHP Billiton on its
US$116bn iron ore production
joint venture with Rio Tinto.
2010
Introduced Denham Capital to
Trans Tasman Resources resulting
in NZ iron sands investment.
2010
2009
Advised Indophil on $545m
recommended offer from Zijin
2010
Advised BHP Billiton on the disposal of the Yabulu Nickel
refinery.
2009
Advised Allied Gold on its $54m
acquisition of Australian
Solomons Gold.
2009
Advised Brandrill Limited on its
$45m takeover offer by Ausdrill
Limited.
2009
2008
Advised Kalahari Minerals on its
$140m proposed merger with
Extract Resources.
2008
Advised Centaurus
Resources on its $20m merger
with Glengarry Resources.
2010
2009/08
2008
Advised Summit Resources on its
A$1.2bn takeover by Paladin Energy.
2007
2008
2006
2007
2008
Advised Guandong Rising on its $216m
cornerstone investment in Pan
Aust.
GRAM2009
Advised Energy Metals on its $86m
proportional takeover offer by China
Guangdong Nuclear Power Group.
2009
Mergers and Acquisitions
Takeover Defence
Strategic Advisory, Joint Ventures and Capital Markets
recenT resources TransacTions
Takeover Defence
Strategic Advisory, Joint Ventures and Capital Markets
Mergers and Acquisitions